An investor, who purchased NYSE:FLY shares, filed a lawsuit over alleged violations of Federal Securities Laws by Fly Leasing Ltd in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Fly Leasing Ltd (ADR) (NYSE:FLY) have certain options and for certain investors are short and strict deadlines running. Deadline: May 24, 2016. NYSE:FLY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges on behalf of purchasers of Fly Leasing Ltd (ADR) (NYSE:FLY) common shares between May 8, 2014 and March 7, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 8, 2014 and March 7, 201, the defendants made false and/or misleading statements and/or failed to disclose that during fiscal years 2014 and 2015, Fly Leasing Ltd had engaged in improper accounting with respect to intangible assets and liabilities for aircraft acquired with in-place leases; and that as a result of the foregoing, Fly Leasing Ltd’s public statements were materially false and misleading at all relevant times.
On March 8, 2016, Fly Leasing Ltd disclosed that the Company and the U.S. Securities and Exchange Commission (“SEC”) were discussing FLY Leasing’s accounting policy for business combinations, including FLY Leasing’s accounting policy for intangible assets and liabilities for aircraft acquired with in-place leases. Fly Leasing Ltd also disclosed that “if it is determined after the conclusion of the [SEC’s] review that FLY should separately recognize other intangible assets or liabilities from what has been previously recorded, the impact could be material to FLY’s previously issued consolidated financial statements and require modification to its accounting for the current and prior year results,” and that, “as a result of the ongoing discussions with the [SEC], FLY may not be able to timely file its Annual Report on Form 20-F for the year ended December 31, 2015.” Shares of Fly Leasing Ltd(ADR) (NYSE:FLY) declined on March 8, 2016 to as low as $12.21 per share.
On April 1, 2016, NYSE:FLY shares closed at $12.60 per share.
Those who purchased NYSE:FLY shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com